Money managers under the microscope
London’s future looks cloudy
The number of such firms it houses fell to 55 from 65 as several firms’ assets fell below the $1 billion mark.
While not an indicator that firms are moving because of next April’s 50 percent tax on high earners, some will argue it shows the UK’s prime position as home to the biggest European hedge funds is not unassailable and could be further hurt by the tax plans.
There seems little immediate threat from other locations in Europe — Paris houses just 0.74 pct, Stockholm 0.83 pct and Geneva just 0.19 pct, although such data obviously ignores where start-ups are choosing to do business.
Meanwhile, the U.S. continues to dominate the high end of the hedge fund industry, as shown below in the top five locations:
City/State Country Number of Firms Assets Pct of total assets
New York U.S. 118 $642bn 46.88
London UK 55 $203.84bn 14.86
Connecticut U.S. 29 $143.84bn 10.49
California U.S. 22 $80.95bn 5.90
Massachusetts U.S. 12 $84.73bn 6.18
Source: HedgeFund Intelligence
(See also Hedgies sit on the fence)